What does a key mortgage industry group predict rates will be for 2023
The Mortgage Bankers Association released a prediction on mortgage rates for the first half of 2023. The good news is that they predict that mortgage rates and inflation should come down. The bad news is that they’re also predicting a recession to go along with the decline in mortgage rates.
In addition to the predictions for mortgage rates, inflation, and a recession, the MBA also offered guidance on home prices. MBA deputy chief Joel Kan claimed that “national home prices will be roughly flat in 2023 and 2024, allowing household incomes some much-needed time to catch up to elevated property values.”
How are house flippers handling the current market?
“No time to get greedy” was the money quote from a recent Yahoo Finance article on how home flippers are navigating through an environment that has high prices, high rates, and a smaller market. Businesses or individuals that fix and flip homes are getting into fewer properties at a time and not pricing as aggressively as they were over the summer.
Home flipping trends tend to match the current environment. Flippers looking to get into fewer loans and settling for less are clear signs that the market has slowed.
What are the most affordable U.S. cities to buy a house in right now?
Realtor.com doesn’t want home shoppers to give up right now, and have compiled a detailed list of the most affordable cities to buy into right now.
America’s Rust Belt is currently one of the more affordable areas in the country with Youngstown, OH and Scranton, PA finishing in the top two positions. The Sun Belt was also popular with cities like Columbia, SC, Augusta, GA, and Little Rock, AR populating the list. Cities in the Pacific Northwest and Southwest were notably missing from the list.
Some areas are still a challenge to buy into right now, but there are still affordable areas for home shoppers to look into if they’re in the market.
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